For manned space launch systems, a reliable abort system is required to reduce the risks associated with a launch vehicle failure during ascent. Understanding the risks associated with failure environments can be achieved through the use of physics-based models of these environments. Debris fields due to destruction of the launch vehicle is one such environment. To better analyze the risk posed by debris, a physics-based model for generating launch vehicle debris catalogs has been developed. The model predicts the mass distribution of the debris field based on formulae developed from analysis of explosions. Imparted velocity distributions are computed using a shock-physics code to model the explosions within the launch vehicle. A comparison of the debris catalog with an existing catalog for the Shuttle external tank show good comparison in the debris characteristics and the predicted debris strike probability. The model is used to analyze the effects of number of debris pieces and velocity distributions on the strike probability and risk.